Meme Coin Trying To Tap Crypto Market With London Ad Barrage

Meme Coin Trying To Tap Crypto Market With London Ad Barrage

2021-10-28 | Selina Mathew

Meme Coin Trying  To Tap Crypto Market With London Ad Barrage

Meme coin currency named after Elon Musk's dog has begun a major marketing campaign on London's public transportation system, which is being funded by a "tax" on new customers. Advertisements that read "Missed Doge?" In recent weeks, advertisements for “Get Floki” have emerged in London Underground stations, trains, and buses in an attempt to generate interest in the Floki Inu coin. According to the group's head of marketing, who goes by the moniker Sabre, the branded marketing effort aims to "legitimize" the meme coin and enhance the "confidence of the common customer" to purchase. “On this game, you get a lot of rip-off artists,” he said. "These ad campaigns will run concurrently and might be a full-fledged attack on London public transit," Floki Inu's promoters said on Medium last month. The coin's supporters claim they've also agreed to advertise on billboards in downtown Los Angeles and are preparing a push into countries such as Japan, China, and Russia. Regulators are likely to pay more attention to crypto advertisements as a result of direct promotion and marketing of currency to the general public. The UK's Monetary Conduct Authority has stated that it needs more powers to rein in promoters of crypto projects, while Gary Gensler, the chair of the US Securities and Change Fee, has asked Congress for greater tools to protect investors from "fraud, frauds, and abuse." Floki Inu can afford to spend money on expensive advertising because, like other 'meme' money, it charges customers a 4% advertising and marketing fee. According to the coin's website, the price is used for "onboarding influencers" and "to further grow and promote the Floki ecosystem." According to Etherscan, the combined worth of the challenge's two advertising and marketing wallets, which hold these monies, increased from near zero this summer to a peak close to $3.5 million in mid-September. According to Coinbase data, the coin's value has increased by 1,600% since late August. Floki Inu did not respond to a request for comment from the Financial Times on who is responsible for the problem. There is no indication that Musk is involved in the challenge, and the Tesla CEO has yet to respond to a request for comment. Transport for London, the UK government agency in charge of the public transportation system, stated that it is "the customer's responsibility to ensure [it’s advertising] are compliant to run in the UK." "It is not TfL's responsibility to do due diligence on the individuals or businesses involved," it said.

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